Supreme Court To Consider Dispute Between Farmak And Darnytsia Over Korvalol Trademark On November 20

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19 November 2018, Monday, 12:17 38

2018-11-19T12:17:00+02:00Economy2019-05-15T04:24:14+03:00

Ukrainian news

Ukrainian news

Supreme Court To Consider Dispute Between Farmak And Darnytsia Over Korvalol Trademark On November 20

Supreme Court To Consider Dispute Between Farmak And Darnytsia Over Korvalol Trademark On November 20

The Supreme Court of Ukraine intends to consider the dispute between the Farmak Company (Kyiv), a major producer of medicines, and the Darnytsia Pharmaceutical Firm over the Korvalol trademark on November 20.

Dmytro Taranchuk, the director of the legal department of Farmak, said this to Ukrainian News Agency.According to him, the Supreme Court has resumed a case regarding naming the medication as Corvalolum and will consider the case on November 20.According to him, the courts are considering two cases on the issue.The first case was initiated by the Farmak Company in summer 2017.In response the Darnytsia Pharmaceutical Firm sued the Ministry of Economic Development and Trade of Ukraine and Farmak was involved in the case as a third person.The Darnytsia Pharmaceutical Firm was denied satisfying its lawsuit."Regrettably, the court of the second instance, in our opinion, allowed a biased consideration and issued an opposite ruling. The ruling of the first instance was canceled and the lawsuit of the Darnytsia Pharmaceutical Firm was satisfied. The decision of the appeal chamber of the Ministry of Economic Development and Trade regarding naming Korvalol as Corvalolum was declared void," said Taranchuk.The ruling of the court of the second instance has been challenged by the Ministry of Economic Development and Trade and Farmak and the appeal is considered by the Supreme Court.As Ukrainian News Agency earlier reported, in 2017, Farmak, according to international financial reporting standards, increased its profit by 23.9% or UAH 161.888 million year over year to UAH 839.090 million, having increased net revenue by 24.01% or UAH 970.409 million to UAH 5.583 billion.On January 31, Farmak International Holding GmbH reduced its share in the Farmak company (Kyiv), a large producer of medicines, from 11.28% to 5.78%.Farmak Group N.V. company (Netherlands) owns 67.99% of Farmak shares.In 2017, the Darnytsia pharmaceutical firm's profit decreased by 0.29% to UAH 342.111 million.Nord Star Pharmashare (Denmark) owns 79.3% of the shares in the Darnytsia pharmaceutical firm.